"During this unprecedented period of uncertainty and hardship, our government is doing everything possible to support businesses and protect jobs"
In response to the COVID-19 coronavirus pandemic, Ontario is deferring premium reporting and payments for all businesses for six months through the Workplace Safety and Insurance Board (WSIB). This will amount to an average of $1,760 for about 275,000 Ontario employers.
"During this unprecedented period of uncertainty and hardship, our government is doing everything possible to support businesses and protect jobs," says Monte McNaughton, minister of labour, training and skills development. "By making this change today, we are building upon the substantial financial help we are providing business owners and workers. The top priority is to keep people safe."
The WSIB will also cease interest accrual on all outstanding premium payments, and will not charge penalties during this six-month deferral period. There will be no negative consequences for businesses that defer premium reporting and payments, and the WSIB will continue to fully cover workers at eligible workplaces, says the government.
The relief program is part of a $17-billion package included in Ontario's Action Plan: Responding to COVID-19. The government will also make available $10 billion in support for people and businesses through tax and other deferrals to improve their cash flow.
With the pandemic, one in three businesses say they may have to close within 30 days, according to a survey.